Over 50 Nigerian firms embrace global sustainability reporting standards —FRC

n n

By Progress Godfrey

n

ABUJA — The Financial Reporting Council of Nigeria (FRC) says more than 50 organisations are actively working towards adopting the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards.

n

Executive Secretary and Chief Executive Officer of the FRC, Dr. Rabiu Olowo, disclosed this yesterday at the 5th Annual Nigeria Employers’ Summit in Abuja, themed, “Leveraging Reforms and ESG for Enterprise Competitiveness and Inclusive National Growth.”

n

He said: “I am pleased to report that the response from the Nigerian business community has been encouraging. As we speak, over 50 organisations across various sectors of the economy are actively progressing towards full adoption of the IFRS Sustainability Disclosure Standards.”

n

According to him, “These organisations cut across banking, financial services, manufacturing, industrial goods, consumer goods, oil and gas, telecommunications, insurance, fintech and even the SME sector.”

n

Olowo said the growing interest demonstrates that Nigerian businesses now recognise sustainability reporting as a key driver of investment, competitiveness and long-term growth.

n

Highlighting the Council’s efforts, he said: “We have organised more than 47 training sessions, workshops and technical engagements, reaching over 4,500 participants from more than 215 organisations. We have also developed guidance materials, created technical engagement platforms, facilitated stakeholder discussions and continued to provide practical support to reporting entities.”

n

He stressed that sustainability reporting has evolved beyond regulatory compliance.

n

“Sustainability reporting is no longer just a compliance exercise. It is a strategic tool that helps organisations improve transparency, strengthen governance, attract investment and remain competitive in the global economy,” he said.

n

Olowo urged businesses to begin preparations ahead of Nigeria’s phased implementation of the standards, noting that early adoption would enhance transparency, strengthen resilience, attract investment and improve the global competitiveness of Nigerian companies.

n n